Canadian Housing Starts Rise in November

OTTAWA (Reuters) – Canadian housing starts rose 8% in November, exceeding market expectations. This increase was driven primarily by multi-unit starts in Quebec, Alberta, and British Columbia, according to data from the national housing agency released on Monday.

The seasonally adjusted annualized rate of housing starts climbed to 262,443 units, up from an upwardly revised 242,207 units in October, as reported by the Canadian Mortgage and Housing Corporation.

Economists had projected the number to rise to 245,100 units in November.